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PARAMOUNT RESOURCES LTD. ANNOUNCES ITS 1992 RESULTS AND SIGNIFICANT 1993 DEVELOPMENTS

 CALGARY, Alberta, April 2 /PRNewswire/ -- Paramount Resources Ltd. announced financial results for 1992 indicate oil and gas revenue net of royalty grew by 27 percent to $33.8 million. Cash flow, or funds provided by operations, increased to $19.3 million ($1.36/share) from $14.7 million ($1.24/share) in 1991.
 Gas sales during 1992 were at a record 87.2 Mmcf/d (31.8 BCF) up 21 percent, while prices rose by 9 percent to average $1.23 per Mcf.
 Reserves of natural gas grew to 390 BCF (proven and probable additional) up 15 percent over 1991 and replacing production of 260 percent. Net (appraised) asset value at a 15 percent discount grew by 75 percent to $141.5 million or $9.85 per outstanding share. During 1992 Paramount drilled 18 (gross) gas wells and 5 (gross) dry and abandoned for a 78 percent success ratio.
 Effective Nov. 1, 1992, Paramount purchased a net 4.8 MMcf/d gas plant, 34,880 net acres, nine producing gas wells and one shut-in gas well offsetting Paramount's Saleski gas facility.
 The 1993 first quarter drilling program totalling 31 (gross) wells resulted in a 94 percent success ratio (27 gas wells, one oil well, one oil and gas well, and two dry and abandoned. Activity was concentrated in northeastern Alberta at Pony/Corner and Christina, plus central and southern Alberta at Kaybob, Manning and Alder Flats.
 During the period January through March 1993, Paramount and partners conducted production tests on four wells at Cameron Hills in the Northwest Territories. The tests were designed to establish the commercial viability of gas and oil reserves within the Devonian Keg River and Sulphur Point formations initially drilled and tested during 1990-1991.
 The test results are still being evaluated, but preliminary results indicate:
 Flowing Sulphur Point Oil Well (stable at) 157 bopd with
 GOR 5538 cu. ft./lb
 Pumping Sulphur Point Oil Well (stable at) 31 bopd with
 13 bwpd
 Flowing Keg River Oil Well (final rate) 150 bopd with
 500 bwpd
 Keg River Gas Well (final rate) 4.1 MMcf/d with
 138 bwpd
 Paramount will be evaluating development potential of this property in light of these encouraging results, and a recently completed 5.0 square mile three-dimension seismic program.
 PARAMOUNT RESOURCES LTD.
 Year to Dec. 31, Dec. 31,
 1992 1991
 Revenue $33,815,221 $26,642,575
 Cash flow $19,275,452 $14,708,258
 Net profit $2,820,721 $1,879,759
 Average outstanding shares 14,187,324 11,817,320
 Cash flow/share $1.36 $1.24
 Net profit/share $0.20 $0.16
 Three months to Dec. 31, Dec. 31,
 1992 1991
 Revenue $11,956,968 $7,321,755
 Cash flow $8,401,264 $4,547,971
 Net profit $1,584,714 $419,630
 Cash flow/share $0.59 $0.37
 Net profit/share $0.11 $0.04
 As per successful efforts method of accounting net profit equates to net income, and cash flow equates to funds provided by operations.
 -0- 4/2/93
 /CONTACT: R. M. Sinclair, secretary-treasurer of Paramount Resources, 403-266-2047/
 (POU.)


CO: Paramount Resources Ltd. ST: Alberta IN: OIL SU: ERN

BP -- LA027 -- 2654 04/02/93 16:29 EST
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Publication:PR Newswire
Date:Apr 2, 1993
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